Bitcoin finally (truly) anonymous? Monero (XMR) and Atomic Swap to the rescue of your privacy

Anonymous Bitcoin (BTC) – A new atomic swap program between Bitcoin and Monero (XMR) is coming. But while the prospect of being able to anonymously buy bitcoins is exciting for privacy-conscious cryptophiles who want to trade their bitcoins away from the prying eyes of governments, there is one technical constraint that spoils the (almost) good news.

Bitcoin vs. Monero: one-way street?

Monero developer Erciccione reports in an August 20, 2021 blog post “that theAtomic Swap implementation developed by the COMIT team is mature enough to be used on the Monero network.”

On paper, Monero or Bitcoin users will now be able to convert XMR to BTC in a decentralized manner – a trusted third party like an exchange is not required – and without needing to trust the other party for the transaction to go through. In practice, makers must buy bitcoins, and takers must acquire Moneros. However, anyone can be a taker or a maker.

It is indeed for the moment “easier to sell bitcoins for moneros than to do the reverse.” This constraint diminishes the interest of this atomic swap for cryptophiles who were instead looking for a way to anonymously buy bitcoins based on Monero’s private nature.

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A promising program, but still being tested

To perform an atomic swap, users need to download theasb software. Erciccione points out that this can be used with Tor for added privacy.

The developer warns, however, that “unexpected bugs” may occur. As a result, he urges users to be cautious and only test the atomic swap with small amounts of cryptocurrencies. He also encourages them to report any problems they may encounter to the developers. Users can find swap providers at unstoppableswap.net. Swap providers are people who want to exchange their bitcoins for moneros.

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An atomic swap that would allow bitcoins to be acquired with moneros is all the more important in a context of tightening regulations, where countries like the US with the bill</a>, are putting more and more pressure on exchanges to disclose transaction details to the authorities, a legalized voyeurism justified by the “public interest”.

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